Quote from: Smartprofit on January 07, 2021, 11:14:51 AM

Yes, soon there will be no commercial banks in the world. The central bank currency (CBDC) can function without the intermediation of commercial banks. Consequently, commercial banks will be liquidated in the future.

Could Bitcoin become the bank for all people on planet Earth? In theory, yes, it can.

However, in my opinion, people are not yet ready for such responsibility. To use a currency that does not need intermediaries, you need to be a very smart and independent person. There are few such people in the world.

I don't think CBDCs will work without the intervention of mainstream banks. After all, banks are too powerful controlling the world's economy. CBDCs will be maintained by central banks, while governments continue to support them as the successor of physical cash (Fiat). A CBDC will be no different than credit/debit cards. The system will be nothing more than a "glorified" database heavily manipulated by the government. It'll be an end of an era for privacy.

Because Fiat will still be relevant in the future, it's impossible to live without a bank. CBDCs will become indispensable as they replace physical cash in its entirety. Crypto won't be going anywhere due to its decentralized and open source nature. Both CBDCs and crypto will co-exist in the future, giving people a choice to select one type of currency from another. Always remember that you can live without crypto, but not without banks. Crypto is more of an alternative than a replacement to the current monetary system. Only the collapse of central banks will lead crypto towards becoming the #1 currency of choice in the mainstream economy. But that's more of a dream than anything else. Just my thoughts Grin